Dave Shah grew up in his family’s hotel and watched his parents and other hoteliers struggle to stay in business during the Great Recession. He thinks the economic situation for hoteliers during the COVID-19 crisis is growing worse than that time. Shah founded Pineapple Capital Group five years ago to help hotels and other small business owners buy, sell and borrow. In Episode 258, Lodging Leaders examines what financial solutions are available to hotel owners during the crisis, including the SBA emergency loan programs.
We also talked to Paul Darrow of PHD Financial which specializes in helping small business owners in negotiating distressed debt with lenders. We also feature Jyoti Sarolia of Ellis Hospitality Group who reached out to her bank early in the crisis.
And in a special addition, you’ll hear a story of miracle that is keeping one hotel afloat in the short term.
Resources and Links
Leaders at AAHOA and the American Hotel & Lodging Association say time is running out for the nation’s 57,000 hotels in need of federal government financial relief as the coronavirus pandemic in the U.S. heads into its eighth month. Cecil Staton, president and CEO of AAHOA, and Chip Rogers, president and CEO of AHLA, are tirelessly rallying the industry to implore Congress to act soon before half of the country’s hotels go into foreclosure. This report is part of our ongoing coverage of the coronavirus crisis and its impact on the hotel industry.
With hotel occupancies hovering around an average of 50 percent, owners and operators are seeking new ways to generate revenue beyond traditional overnight stays. One solution in the works is day use of hotel rooms. Hotel companies such as Red Roof, Hyatt Hotels Corp. and Hilton are promoting the practice during the COVID-19 pandemic. Ahead of the curve is HotelsbyDay.com, a day-use booking platform that is marketing hotels as the new office space. Long Live Lodging explores the unconventional use of hotels and how owners and operators can position their properties to attract day users. This is part of our ongoing coverage of the coronavirus crisis and its impact on the hotel industry.